China, the world’s largest crude importer, released data showing September imports fell 15% from the previous year, putting pressure on prices.
The Asian giant, along with Europe and India, remains mired in a shortage of coal and natural gas, which led to the use of petroleum products as a substitute for electricity generation, and caused increases in the price of fuels.
Persistent supply chain disruptions and price increases are complicating the global economy’s recovery from the Covid-19 pandemic, the International Monetary Fund said on Tuesday, slashing growth outlooks for the United States and other major economies. .
In this frame, OPEC lowered its forecast for world oil demand in 2021 on this day and he maintained his expectation for 2022, but said that the increase in natural gas prices could boost the consumption of products derived from crude oil while a transition of industrial users occurs.
Oil prices could reach $ 100 a barrel, said Russian President Vladimir Putin, adding that Moscow and its partners in the OPEC + producer group seek to stabilize the global market.
The market is awaiting data on US oil inventories. Data from the American Petroleum Institute will be released on Wednesday and the US Energy Information Administration will release it on Thursday.
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